There will also be a new plant for the Model Y. The existing Gigafactory will supply battery packs and drivetrain for Model Y, but there's "just no room at Fremont, we are bursting at the seams", Musksaid.

Details about the upcoming EV are sparse, but sources claimed that it will not be built on the Model 3 platform.

Also giving Tesla's stock a boost was news that Nevada regulators passed a bill to restore net metering for rooftop solar sales.

With Tesla planning to launch the Model 3 at the latter part of 2017, speculations predicted that the Model Y will come in the next three years.

Originally it was reported that the Model Y would share its platform with the Model 3, but instead Tesla has chose to base the Model Y on an entirely new platform.

The Website Elektrek, which covers the electric vehicle industry, wrote this week that it was rare to find a used TeslaModel S for less than $40,000 from the company in the past.

The first wave of customers will have only two choices for the mid-market electric vehicle, Musk said: "What color do you want, and what size wheels do you want?" Bigger rivals like GM, Volkswagen and Toyota routinely sell more than 10 million per year. Model S and Model X owners are already anxious about having to share Tesla's Supercharger stations with an influx of new cars. He said that Tesla's online configuration tool for the Model 3 will go live next month, but the initial vehicle configurations available will mostly consist of just being able to choose the vehicle's color and type of tires. Tesla has had only two profitable quarters in its seven years as a public company.

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